O.C. science center poised to take over L.A. museum

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The
Discovery Science Center in Santa Ana has secured the final $4.7 million in financing needed to move forward with its long-delayed effort to take over the
Children's Museum of Los Angeles.

The deal comes after the Los Angeles City Council last month approved more than $18 million to help the center complete construction and open the new facility by 2015.

The nonprofit Discovery Science Center has been in talks with the city for more than two years to take over the Children's Museum of Los Angeles, which declared bankruptcy in 2009 after federal authorities accused the museum's chief donor of running a Ponzi scheme. The museum, once located in downtown Los Angeles, had planned to move to a new location, a 58,000-square-foot building in the San Fernando Valley that was never completed.

Discovery Science Center spokesman Dan Nasitka said securing the new financing, which was provided by
U.S. Bank through the federal New Markets Tax Credit Program, will allow the museum to finish construction work, begin building exhibits and hire staff for the new location, which is tentatively named Discovery Science Center – Los Angeles.

“That was the last hurdle to get the project moving forward,” he said.

The New Markets program was created to encourage investment in low-income areas by giving tax credits in exchange for investment capital. Tim Karp, a business development associate for U.S. Bank, said the program has been helpful for projects such as the museum.

“This is a vehicle to get money directly to the borrowers,” he said.

The center has now secured $22.8 million in funding and financing. Nasitka said the center is working on a private fundraising effort to support future operations.

He added that the center hopes to open its doors ahead of the deadline. The museum will support about 50 new full-time jobs and 150 part-time positions.

Like the Santa Ana center, the L.A. museum is expected to feature a variety of kid-friendly exhibits with science, technology and environment themes. The new museum will be located adjacent to the Hansen Dam Recreation Center in Lake View Terrace.

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